The Leander Trust Trustees, Report and Financial Statements Year ended: 31 March 2025 Charity number: 284631 The LtanderTrust Refer•nce and adfflinlstratl¥e Inlomwlo Twu5tee5 R.J.A Fane. Chairman J.R.A Beaumont J.D. Randall J.M. Turrell E.H_ 8ainbr¢dge Se¢r4tsry l Treasurer H.F. Richardson E.H. Bainbridge Addres5 Leander Club Hen1ey-0n-Tha￿ RG9 2LP istered tharfty numbv.. 284631 Independent examln N M Smith 8FP. AC& CTA Bahker5 Barclays 8ank PLC 10 Hart Streei Henley-on-Thames RG9 2AU IrNestment m￿* >rasin & Partners LLP Juxton House I(￿ St P•Jl's Chut¢hyard London EC4M 8BU P4È2 The Leander Trust Report of the Trustees for the period ended 31" March 2025 The Trustees present their annua rewt and finanoal statements of the tharity for the year ended 31. Marth 2025. The financial statements have been prepared in accordance with the accounting poliaes Set out in note I to the accounts and comply with the thariWs trust deed. the Charities Act 2011 and the Statement of Recommended practi￿.. Accounti￿ and Rewbn8 by Charities published in 2019. Strurture. wwernance m•naÉement TheTrust Is a reg5stered charity. number 284631. and is consttttrted under a trust deed dated 6 April, 1982, as amended by a Resolution of theTrUSte￿ dated 24th Novernber. 2014. TheTrust Is controlled by itsTrustees. Ne*trustees I￿ appointed bythe existingTrustees. There is no Ilmlt on the number of Trustees, but at least three Trustees must be present at meetin85. which rrwst be held at least once each year. At their meetings, Trustees agree the broad strategy and a￿3$ of actNity of the TrytSL intluding considefatlon of grant makin& investment. re5ervts and risk mana¥*ment. policies and performance. The dav- ttrday administration 15 dele8ated to the Secretsry Treasurer. The Trusttts resofvèd to re3ppointVillar5 Hay*ard LLP to undertake this yezls èxamination. Rlsk management The Trustees have considered the major risks to which the tharity is exposed and have re￿eWed those risks and established protsdures to manage those risk& The Trustees consider variability of investment retums on the endowment to constitute the tharivs major finandal risk and extreme volatility in world stock markets demonstrate5 this risk. Oble¢tl¥e5 and acthftlesforthe publlc t￿￿•￿ The objects ofthe TrusL in broad terms. are: to •dvan¢e the education of youn8 people by hdpin8 vthh their phyy¢4 education by the provlsion of faolities- including grant awards- to enable and eneournge rtiwng and Sculli￿ and to help with the provision of fatilities for retteation forthost who need suth facilities because of their youth. social or economic circumstances, focusin8 on rowin8 and sculling. In pursuing these objects. the Trust preserves and maintsinsa libraryand collectKM of historical records and materia15 concernin8 rowing and scullirrf. The Trustees tonfimi that they have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewin8 the Trusys aims and objective5 and in plannin8 future artNitie5 and 5ettin8 the grant making policy for the year. TheTrnst carriesout these objects by makin88rants fortharitsble purposesto dubs orother organisat￿n which an dernOr￿trate an ability to Cry￿ete a specific project- nonnalty to support junlor rwn8 in the Thame5 region. Several donations were ret*ved during the finanaal year. for which the Trustees are, as ever, m05t grateful. Donations totalling just over £1.5CQ were rt¢eNed from an auttion of promises held at Leander Club in january 2025 and donations from Leander aub totallin8 £2,876 from book tslks. These donation5 were all contributed to the unrestricted fund. F4ge 3 The Leander Trust Report of the Trustees for the year ended 31° March, 20251contlnued) Gfant maklnB polky. The Trust's preference is to make grants of up to £3.CK)). for up to 50 per ¢ent. of the tOSL usually to initiate projerts when a dub or other cK8anisation dernonstrate its ability to cornplete a speufic projert- not a5 a ontribution to 8eneral funds. Grants are nomialty made to supportjunior rowng in theThames re810n. The Trust prefers to encourage partiapatlon In rth¥ing by the youn8 through the proviyon of equipment. such a5 boats, S￿11$, oars, trainln8 equipment Isuth as indoor rownz mathinesl and essential safety equipment or for speciflc coathinz: any rnrnnutment requirin8 lo￿ terni support are rarely approved. Tocompwwith theTrnsfs tharitablestatus. theTru5tees must retaintheirabsolute di5¢rÈtion when cOn￿derIng 8fant applications to ensure the purposes are tharitsble and fall within its charitable purposes. The Trusys restricted fvnd5 result from 8ifts from donors who have restricted the use of the funds to the Charitable purposes of the Tnjst undertaken by Leander aub in the main- spetifically. to develop the rowing facilities of Leander Club and th¢)se aiming forthe GB Rown8 Team. In this case. 8rants may be made towards devel¢pment and othercoachingcosts. trainingcamps and. where appropriate. assistin8athletes with livin8 and tr￿ellIng expenses. In all tasès. grants should only be made to meet Costs that are clèar. defined and easily audltable and unlikety to be subject to misuse. How ourirant programmè publit benèfft Grants totallin8 £61,399 were awarded during 2024125.. £58.399 to fund thè junior programme at Leander aub from the restricted fund and grdnt of £3.0￿ to Readin8 Sth09l to 5UPPCrt their junior rowin8 programme from the unrestricted fund. Flnanclal re44ew The Trusys woth is entirely reliant on donations and on investment returns from its endowment. A deficit for the yearon the unrestrirted income fvnd of £366 is ￿POrted(20231Z4. surplus £9811. A deficit on the restricted income fund of £44,443 is reported 12023124. deffittt of £19.5341. Overall. the Trusvs financial position is considered to be satisfactory. Goln¥ coTrcern With regard to the reserves held at thè year-end. the Trusteès tonsidèr it reasonable to expect that the Trust has adequate rèsources to continue in operational existence for the foreseeable fvture. For this reason. the Trustees continue to adopt the'goingtontem, basi5 in preparing the accounts. In¥estmènt pollcy and wfornbantè The Trustees are allowed to Use the income and capf(al of the Tnjst as they think fft in fvrtherance of the charitable objects of the Trust. subject to any applicable restrictions imposed by donors. The Tru5tee5, usin8 a totsl ￿turn basis of investsnenL have eSt3￿1shed a poly that the annual an￿Unt to be tsken from the endowment should not exceed 3.5 per cent of the avera8e of eath of the Pre￿Ing S year5, r4nd market valuatlcrfls of the relevant endowmenL Page 4 The Leander Trust Report of the Trustees for the year ended 31" Marth, 2025 (contlnued} The Investment managers are Sarasin & Partners LLP who are instrutted to invest to provide lon8-term capital and income Krowth of the endowment funds. The funds were invested in the Sarasin Growth Fund. Over the year 2024125 the Trusys portfolio. generated a total return of 3 per ￿nt.: behlnd the portfolio's composite benchmark return of 5.4 per ￿nt. This refflects the thallenging macroeconomic ertvironment with h￿her interest rates and tightening uedit condits'ons. (￿rafive-Year period. the portfolio has produced an annualised net return of 7.3 per cenL which was ￿1ghtlY behlnd the portfolio's benchmark return of 11 per (ent. Reser¥es pDkv Thè Trustèes aiffl to mantain unrestrirted free ￿erveS èt a level which equates to one yèarfs unrestricted charitable e¥penditure and administrative expenses. having prowded for8rant commitments and having regard to the amount of the expendable endowmentfund5. The balantt held in unrestricted reseNes as at 3151 March, 2025 was £232,113 and the annual unrestrirted charitable expenditure in 2024125 was £8.161. The eurrent level of reserves is therefore higher than the tevel set and thts will be tsken into account vthen making future 8rant awards. The Trustees consider the reservè requiremènts of the restricted intome fund separately. The balance held in restrirt￿ reserves a5 at 3111 Marth. 2025 was £1,976,082 against an annual spend in 2024125 of £73.011, and the Trustees aim to 5etthe le¥￿ of the reStric￿j income fund in order to athieve reasonable stability in makin8 grants subjert to ensuring charitable objects ¥e met. In order to maintsin the investment fund and allow for future donations to be made in accordance with the charltable objects, the trustees should not8Ne 8rants totslling more than 3.5 per cent. of the fund value over a rdling 5 year period. H¥nslorthe fuwr• The Trustees plan to continue to make grants from unrestricted funds to support junior rowing in the Thame5 re8ion. In 2024125 Leander aub is expected to appty fora furthergrant from restricted income to supp¢Jrttheir junior rowin8 pro8ram, indu(lin8 Outreach and support to schools and dubs in the Th3rne5 Vallèy. Trustee￿ responsibilities in r*lationto thefinaK•4 ststerne TheTrustees a￿ responsible forp￿wing theTrustee< Reportand the finanual statements in accordancèwth applicable law and United Kingdom Accountin8 Standards Iunited Kingdom Gènerally Accepted Accounting Prarticel. The law applicable to tharities in England and Wales requires the Trustees to prepare financial statements for each finanoal yearwhith give a true and fairview of the state of affairs of the tharity and of the incoming resouros and application of resources ofthe tharity for that period. In weparin8 these finanual statements theTrnstees are required to.. selert suitable accounting poliues and then apply them consi5tentty observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent state whether appli¢able UK Accounting Standards have been followed. subjert to any materSal departures disdosed and explained in the finanoal statsments, and preparè the finantial statements on the goin8 concern basis unless it is inappropriate to presume that the charitable company will continue in busine Page 5 The Leander Trust eport of the Tntstees for the year ended 3111 March. 20251continued) The TTUStees are responsible for keepin8 adequate arcounting rECo￿5 that dtsdose vmth reasonable accuracy ai anytime the financia position of the tharityand enable thern to ensure thatthefinantial statements compty with the d￿ri￿$ twust deed. the Charibes Art 2011 and the tharity IAccounts and Reports) Regu1atKX￿ 2015. They are also resportsible for safeguarithnB the assets of the charity and hen￿ for takrt reasonable steps towards the prÈventton znd detection of fraud and other lrwularit￿S. I￿lIar$ Hayward iLP has expressed its w11liry￿ to ¢ontinue as Independent Exa￿￿Ther. Thtsr pyryed byJ* knrd ofTn￿tees on Si8ned on by'.- RJ.A Fane Ch￿rnIan of Trustees Pa8e 6 The Leander Tlust IndependEnl Exaffllners Report to ih Tnute•5 olThe ieander Trust Year ended 31° M•r¢h. 2025 I report on the a¢wunts of Trustfor the year ended 31 Marth. 2025 whKh are set out on pa8es 8 to 14. Respertlve Respor4lblllt*s dTwu51ee5 and ExarniMr As the Charity's Trustees you are ￿5p(￿sible for the preparaiion of the accounts.. you consider ihat the audit requiremeni of $144 121 of the Charities Act 2011 Ithe 2011 Artl does not app￿ and that an iTrdependent examination 15 needed. it is my resportsibility to examine the accounts under 5ectK)n 145 of the 2011 Att and to slate. on the basis of procedures specthed in the General DirettK)ns 8rven by the Charity Commissioners under s14Sl5llbl of ihe 2011 Act. whether Part*u￿r manets have Corne to my attention. 8a515 of Independwt EAamlnw5 Report Myexamination was carTied out in accordancewiih the Genefal DYe¢tions8iven by the Charity Commission. An examination includes a review of the acctyjnting rÉ(ord5 kept ￿ the Charity and a comparison of the accounts presented ￿th those records. It a150 indudes consideration of any unusual item5 or disclosures i* the accounts. and the seeking of explanations from vou asTrustees c4yKemingany such matters. The procedures undertsken do not provide all the evidence ihat Wfxjkl be ￿quIred in an audit and. consequently. no opinion is given as to whether the accounis present a 'true and lair vie¥rf and the rep(rt ts limited to those matters set ¢)ut in the statement below. Independent fxamin•e5 Statern In connection with my examinat•)n. ￿ matter has come to myattent￿￿. 111 whth 8ive5 me reawableuntln8 poIKies lal Basis of prep•r•tion The financial ststements have been p￿Pared under the historK c05t convention. wth the exception that investmellt5 are included at Market value. The financial statements have been prepared in accordance with the Statement of ReC￿mer￿led Pract￿e-. AtttMJntin8 and Rety)rtin8 by Charitie5 15sued ￿ 2019, the Financial Reporting Standard applicable in the UK and RepublK of Ireland IFRS 1021 and the Charittes Act 2011. The Leander frust meetsthe defIn[t￿)n of a publK benefrt entity IlAder FRS 102. Ibl Goin8concor The Trustee5 monitor level of re5er¥e5 and habt full control ¢)ver the level of 8rant*ivin8. The Trustees have a reasonable expettation that the charity ha5 adequ3ie resources to continue in operational existence for at ￿ast 12 I￿nthS from the date of signin8 of the finar￿vdl statemenis. and ¢hys they continue to ad¢)pt the zoine toncem basis. Itl Funds ￿ructure The charity ha5 endowment fvnds. The restrKted er*Jowment fwd 15 to be used in accordan￿ with SPEofic restrictions imposed by dontsts. The trustees at theK discretH)n may use the income and capiial of the funds a5 they th￿k fit in furthevance of the tharitsble obj-etts of the Trnsi. subjert to any applicable restiictions. UnrestrKted funds comprise those funds which the T￿￿eeS ￿ free to Use for any purpw in furtherance of the charitable objects of the Trust. Untestrilled funds may i￿lUde de￿8nated funds where the Tfttaees. at their disuetion. have (reated a fund for a purpose. Idl InwmlnK re50ur(es All incoffliThg reswrces are reco8nised once the charity has entiilement to the resources. tt 15 certain that the resourtss will be received and the mw*tsry of irKomin8 re5wrces ran be MeaSu￿d with sufficient reliability. lel Resoyr¢es expended abilities are recognised as resources exrended a5 soon as the￿ is a legal or conuructwe obltg3tion committing Ihe charity to the eM￿dItUre_ All expenditure is xcounted on an xcrtsals twt5 and has been cla5StI￿d under he￿i￿a$that awegate ill costs related to that cate8¢YV. Grants paid are payments made to third parties in the furtheran￿ of the tharitsble objerts ol the Trust. Single or mutti.year grants are accounted forwhen eirherthe recIp￿nt has a ￿aSonab￿ ex￿1¥¢￿0n that they will receive a 8rant and the Trustees have agreed io pay the grant wiihi)ut condr(ic￿. or the re£ipient has a reasonawe expettation that they WAI recelve a 8rnnt and any (ondrtioA attaching to the grani is out￿de the ¢￿trol of the Tru Provi5ion5 for 8rants are made when the intention to make a grant ha5 been communicated to the recipient but there is uncertsinty about either the timing ol the grant or the amount of the grant payable. I resource5 expended are inclu&¥e of any attributab￿ VATwhich ¢anmot be recove￿d. If) Fixed a55ets.. herltage asset In 2012 the Trust received a d0That￿n (4 a tolection of books whth are l¢)an to Leander Club and kept in its library. The CC41ect￿Tr is included in the financial statements as a heritage a55et at the fair value at the time of ihe donation. as e#imated by the dtsr￿r b35ed on his experience gained whilst ama5￿n& the collection. Depreciation is not char8ed Js the colle¢tK)n is deemed to have an indefinite lrfe. but it is subjeu io a regular rewew for impaimient. The ccAlert￿n has beerb catak*ved and is made awdilable for educational purp05e5. The cOl￿rtion of Èwks is on loan to Leander aub and housed in its Library. where it Is made aVaila￿e to xademKS. The terms of the dOnat￿n ol the collection ￿qUIre that it is not disposed of in whole or in part. Iconiinuedl Page 10 The Leander Truso Notest¢ the Ilnandal stai¢m¢nts{wrrtlnuedl IKI Flxed assÈts". wryestments Investments are Initiilty recognised at their transattion and 5Lth5ewntly measured at fair ¥alue as * the 5tatem¢n¢ of Financial Position date. The statement of financi* atlmties indudes the r*t Bab￿ and losse4 whether realised w unrealised. arI￿ry ￿ revabjail￿ and throughout the ￿ar. Ihl Taxatlon Smus As a tharity. The Leander Trv5t is exeftwt frorn taxar*)n ol income and Kalns fall1￿ Ymthin Settion 505 01 the Taxes Art 1988 or Section 256 of the Taxation of Char8eaWe Gains Att 1988 or Secrion 256 of the TaMatK)n of Chargeable Gaill5 Art 1992 to the extent these are art4id th¥italkn. 140 taxchar8e hasari5en in year. Related partytrwsartlons and Iru51tt5' T¥ustee5 received no erTh)lumenis12024.. £Nill. No e¥perw werÈ paid to Trustees in the year. Durin8 thE year the charity rnade gr￿t$ from restricted fund5 of E58.3Yg12024.. £65￿38) to Leander aub ol which each ol the trusiees is 3 member. None of the trustees is ￿¥0￿ed in the management ordeciyon-making ol leander aub. Donation5 2024 urt￿￿1￿1ed donaiions Restricted donat1￿5 4.425 6,428 25.(XK) 4.425 31.428 Admlnlstraiion Costs 2014 lThdependent e¥aminer Website Bank char8e5 Investment management fees Library Marketlng and Saks Promo￿$ Gifts and Sample5 Miscellaneous exwse5 Refreshments/Staff **lfare 414 554 29 14.4164 220 16.226 2fX) 4fy) 139 19.773 17.157 Amtysis olch•rll*e expertthlyre The charity undertakes its charitatlt activities thr￿ grant mak¥¥ and awarded 8rants to a nurnber of or8anisation5 in lurtherarKe ol its thèrit*lo 2024 Unre5trfrted fvnd Hinksey Scullin4 School Grant Sh*plake Vikin8S Henjey Debt Centre Readin8 Sthool Reth¢￿￿ fvnd Athleie Supwrt L￿nder Club 58.399 65.038 61J99 71.938 Pa8e 11 The Leander Trust Notes tothe flnan¢i•l #atements Icontbnued) Endowmertfvnds The Trustee5 have discretion to use the income and ¢apitrl of the endowffleni funds as they think fit in lurtherante of the charitable objeds of the Trust. subject to 3ry applicable reStr￿lon$. No transfers were made during the year ended 31 Maffh 2025. Openlng value of endowment funds as at l Awil 2024 Add.. 1.992,633 - Irwexment irKome - Irwestment Ealnsl11055e51 Less.. - Investment management lee5 - Investment disposals C105in8value of endowmefit l￿d5 35 at 31 March 2025 3.ISO 4.738 28,568 44,169 11.6141 114.6121 125.1x￿¥ 211.940 2.025.758 Flxed asseis: herltage asset 2025 1024 At laif value.. - ai i April 2024 7S.CQ) 75.C¥)O - at 31 Ma￿h 2025 75.( 75.L Flxed assets: InveStr￿nts The charity undertakes its charitable actNitses thrO￿h grart making and awarded grants to a number of organtsarions in hjrtlwance ol its tharItab￿ actNw. 2025 2024 Opening eNrket value as at l April Z024 Additions at cost Investment disposa15 Investment management fees Realised Bainslllossesl in year Unreallsed Ka1￿(1055eSj in year Cjosing market value as at 31 March 202S 2.083.641 31.718 125.Ix(II 116.2261 1,292 47.615 I.￿*7.498 37,B89 114.4641 152.718 2.083,641 2.123.040 Investrnent5 are all Invested In the Sarasin Growth Fund. an authorised unit Irum fund dUtt￿rised by the Financial Conducr Authority and re@￿tered wirh the Char6ty Cfjmmi55ion. The Fund seeks to altsate Its assets as w 80 percent Ill 5hare5 in 40 to 70 companies listed on major stock exchanges around the wodd, as to 20 percent in a wide ranKe of atternatwe assets (thro￿h listed investment tru5t5 and open ended fund51 includin8. but not lim￿ted to. infrastrurture. comnvjdities and wivate equity I venture capital. The fund also has ihe aim.lrty to invest in government and corporate tM)nd5'. UP to 10 per￿￿1, property". up to 10 Per￿n1 (thro￿1 REITS aTrJ l or othw tharity woperty funds ontyl. and cash.. up to 10 percent. Page 12 The i¢ander Trust P*)testo thÈ￿1￿claI statemEnts (COnkn￿Ed Cwedltors 2025 2024 Falllh8 ￿thkn one year Acc￿￿15 Interfund Creditor L891 9,212 1.890 11,103 1.890 10. A￿￿$￿1 ch•ritiblpfund5 lal F￿d moxmenls. Tr•¥lvsl r>aln5aThd ¢lfw lil Llnrtstwirted incorne 27A175 4.645 16.5471 25,173 fjil Endow￿nI.. ynre51ricted 205.666 3.150 11.6141 4.7ai 211,940 l Resiritted 116.2771 158.3991 174,6761 Iril Endov47neTht.' reSt￿ted 1.992.633 114.6121 44.169 2.050,7S8 Totsl 2.2(YJ.097 36,363 181.1721 48,9J7 2,213,195 Ibl Fund rn0¥￿￿￿- pvlwpeikxl lil lJnrÈstrKted I￿rne 28.416 7.652 18.9931 27,075 lill Endowmeni.. uniestritted 188.211 3.755 IL4331 15.133 20S.666 linl Re5tflrted inco 24.361 25.(0) 16S.6381 116.2771 INI Etsyowmort.. rtstrirted 1.833.944 34.13$ IU.0311 137.585 1.992.633 Total 2.074,932 70.542 189.(Y)S1 152.718 2,209.097 Page 13 The Leander Trust Notes to the financlal statements {c4rtlnwdl 11. PurpDse5 of fvnds lil Unre51ricted income.. The unrestricted income fund receTrRs ￿COme from the unrestricted expendable endowment and dOnat￿n5. The hjnd is a¥aiLable to be spent for any charitable purposes of the Tfust. lill Expendable endowment unrestrirted.. The vnrestrKted expendabk endowment fund result5 from gifts to the Trustfoi its tharitable purposes. liiil Restricted i￿Ome- The restricted irtrc